Swiss PostFinance Introduces Cryptocurrency Trading for Clients

On February 21, Swiss bank PostFinance launched a service for buying, selling, and storing digital assets. The financial institution serves a client base of 2.5 million people.

PostFinance is leading the way in the Swiss financial sector and launching an innovative crypto service in the morning of 21 February 2024. All details can be found in the press release.

— PostFinance (@PostFinance) February 20, 2024

According to the press release, PostFinance will become the first systemically important bank in Switzerland to offer such services. A key feature highlighted by the institution is the low entry threshold of $50.

“Cryptocurrencies offer additional investment options. […] In addition to traditional asset classes such as cash, stocks, and bonds, cryptocurrencies are part of alternative investments like real estate and commodities,” said PostFinance’s Chief Investment Officer Philipp Merkt.

He noted that the main advantage of the new service is that millions of clients will be able to “easily and securely” invest in digital assets with their primary bank.

PostFinance will provide 24/7 access to 11 cryptocurrencies in partnership with the Swiss regulated FINMA cryptocurrency bank Sygnum. In January, it raised over $40 million at a valuation of $900 million.

According to PostFinance’s Head of Digital Assets Alexander Thoma, most of the financial institution’s clients expressed a desire to purchase cryptocurrencies without the need to use “poorly regulated crypto exchanges.”

“Our service will allow them to do just that and much more,” added the top manager.

PostFinance’s intention to launch bitcoin trading first became known in April 2023. At that time, Sygnum also joined the initiative.

In November, the Swiss private division of the Spanish bank Santander opened the opportunity for 210,000 wealthy clients to trade and store Bitcoin and Ethereum.